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Euro-Zone Leaders Need More Than Just Rhetoric

The European Central Bank's decision to extend its bond-purchase program to Spain and Italy may buy the euro zone some time, but it can't bring the currency area's fiscal crisis to an end.

The fundamental problem remains political. Investors have little if any confidence in euro-zone leaders' ability to stick together in the face of mounting calamity, and without that confidence they will continue to be very sensitive to signs of...